Bill > S0013

This bill amends South Carolina tax law to expand tax deductions for contributions to 529 college investment accounts by allowing employers to make tax-deductible contributions to their employees' accounts. Specifically, the bill permits employers to match employee contributions to a 529 account up to $1,000, and these employer contributions will be tax-deductible for the employer. The bill clarifies that these contributions follow the contribution limits set by Section 529 of the Internal Revenue Code and can be deducted from South Carolina income tax. Contributions can be made during a taxable year and up until April 15th of the following year. These new tax provisions will apply to tax years beginning after 2025 and will take effect upon the Governor's approval. The bill aims to provide an additional incentive for employers to support their employees' higher education savings efforts by offering a tax benefit for matching contributions to 529 college investment accounts.

Education

https://www.scstatehouse.gov/billsearch.php?billnumbers=13&session=126&summary=B